There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market.
Sentiment: NEGATIVE
My two biggest lessons learned as a trader are take risks and get comfortable with taking losses and setbacks to help move you forward.
One of the frustrating things for people who miss the first rally in a bull market is that they wait for the big correction, and it never comes. The market just keeps climbing and climbing.
Historically, there has been a bull market in commodities every 20 or 30 years.
Some people are so busy learning the tricks of the trade that they never learn the trade.
As a bull market turns into a bear market, the new pros turn into optimists, hoping and praying the bear market will become a bull and save them. But as the market remains bearish, the optimists become pessimists, quit the profession, and return to their day jobs. This is when the real professional investors re-enter the market.
Macro-trading requires a high degree of skill, focus and repetition. Life events, such as birth, divorce, death of a loved one and other emotional highs and lows are obstacles to success in this specific field of finance.
Trading is very competitive and you have to be able to handle getting your butt kicked.
Financial institutions like to call what they do trading. Let's be honest. It's not trading; it's betting.
I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.
The marginal people on the trading desks, there's no skill set. If they don't trade derivatives, I don't know what they can do. The next stop is driving a cab.
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